Thus in the New York markets the "Hilsenramp" signal is already a well-known event which occurs at approximately 3pm on/during/after Fed meeting days, and is posted under the byline of "Jon Hilsenrath". In simple packaged form it provides fast money speculators with a message from the B-Dud, otherwise known as William Dudley, President of the New York Fed, on why the Fed will back-up another run at still higher record highs.

So today comes a drop box message with respect to ECB policy posted under the byline of "Brian Blackstone". Self-evidently, the staff of the Bundesbank is negotiating with Mario Draghi in public.